MUJKANOVIC: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MUJKANOVIC
Largest movements
- Stocks and contracts +€70,000
new in 2025: €70,000
- Tangible fixed assets -€29,116
down €29,116 (-17.9%), from €162,450 to €133,334
- Receivables within one year -€12,908
down €12,908 (-39.8%), from €32,419 to €19,511
of which Trade receivables: -€31,802
- Cash -€6,219
down €6,219 (-81.8%), from €7,601 to €1,382
mainly Stocks and contracts (-€70,000) and Investment in fixed assets (net) (-€4,430)
- Other debts +€12,625
up €12,625 (+27.8%), from €45,344 to €57,969
- Trade debts +€4,201
up €4,201 (+233%), from €1,802 to €6,003
- Reserves +€3,246
up €3,246 (+24.5%), from €13,242 to €16,488
- Depreciation +€10,983
up €10,983 (+48.7%), from €22,563 to €33,546
- Gross operating margin +€4,316
up €4,316 (+12.1%), from €35,629 to €39,945
- Taxes -€1,215
down €1,215 (-46.1%), from €2,635 to €1,420
- Other operating charges +€867
up €867 (+105%), from €824 to €1,691
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €203,508 | €225,265 | +€21,757 | +10.7% |
| Fixed assets | 21/28 | €163,488 | €134,372 | -€29,116 | -17.8% |
| Tangible fixed assets | 22/27 | €162,450 | €133,334 | -€29,116 | -17.9% |
| Land and buildings | 22 | €71,700 | €59,700 | -€12,000 | -16.7% |
| Plant, machinery and equipment | 23 | €26,103 | €21,968 | -€4,135 | -15.8% |
| Furniture and vehicles | 24 | €64,647 | €51,666 | -€12,981 | -20.1% |
| Financial fixed assets | 28 | €1,038 | €1,038 | = | 0.0% |
| Current assets | 29/58 | €40,020 | €90,893 | +€50,873 | +127% |
| Stocks and contracts in progress | 3 | - | €70,000 | +€70,000 | |
| Contracts in progress | 37 | - | €70,000 | +€70,000 | |
| Amounts receivable within one year | 40/41 | €32,419 | €19,511 | -€12,908 | -39.8% |
| Trade receivables | 40 | €32,419 | €617 | -€31,802 | -98.1% |
| Other amounts receivable | 41 | - | €18,894 | +€18,894 | |
| Cash at bank and in hand | 54/58 | €7,601 | €1,382 | -€6,219 | -81.8% |
| Total equity and liabilities | 10/49 | €203,508 | €225,265 | +€21,757 | +10.7% |
| Equity | 10/15 | €155,704 | €158,950 | +€3,246 | +2.1% |
| Contributions | 10/11 | €38,400 | €38,400 | = | 0.0% |
| Reserves | 13 | €13,242 | €16,488 | +€3,246 | +24.5% |
| Non-distributable reserves | 130/1 | €13,242 | €16,488 | +€3,246 | +24.5% |
| Reserves not available under the articles | 1311 | €3,840 | €3,840 | = | 0.0% |
| Other | 1319 | €9,402 | €12,648 | +€3,246 | +34.5% |
| Profit (loss) carried forward | 14 | €104,062 | €104,062 | = | 0.0% |
| Amounts payable | 17/49 | €47,804 | €66,315 | +€18,511 | +38.7% |
| Amounts payable within one year | 42/48 | €47,804 | €66,315 | +€18,511 | +38.7% |
| Trade debts | 44 | €1,802 | €6,003 | +€4,201 | +233% |
| Suppliers | 440/4 | €1,802 | €6,003 | +€4,201 | +233% |
| Taxes, remuneration and social security | 45 | €658 | €2,343 | +€1,685 | +256% |
| Taxes | 450/3 | €658 | €2,343 | +€1,685 | +256% |
| Other amounts payable | 47/48 | €45,344 | €57,969 | +€12,625 | +27.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,563 | €33,546 | +€10,983 | +48.7% |
| Other operating charges | 640/8 | €824 | €1,691 | +€867 | +105% |
| Gross operating margin | 9900 | €35,629 | €39,945 | +€4,316 | +12.1% |
| Operating profit (loss) | 9901 | €12,242 | €4,708 | -€7,534 | -61.5% |
| Financial charges | 65/66B | €205 | €42 | -€163 | -79.5% |
| Recurring financial charges | 65 | €205 | €42 | -€163 | -79.5% |
| Profit (loss) for the period before taxes | 9903 | €12,037 | €4,666 | -€7,371 | -61.2% |
| Income taxes | 67/77 | €2,635 | €1,420 | -€1,215 | -46.1% |
| Profit (loss) for the period | 9904 | €9,402 | €3,246 | -€6,156 | -65.5% |
| Profit (loss) for the period to be appropriated | 9905 | €9,402 | €3,246 | -€6,156 | -65.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.